Chapter 6: Entrepreneurship

transferable skills

help an individual perform in the workplace or gain success in a career

passion

is something which entrepreneurs believe in or are enthusiastic about

mentor

someone withe experience who can provide advice, suggestions, and ideas.

market analysis

the ______ provides an overview of the industry and market that the business will serve

leadership

the ability to reach others and reach a goal

start-up capital

the money necessary to start up and open a business

venture capital and angel investors

two sources of equity financing are _________.

market research

gathering and analyzing information about a business

venture capital

money invested in a business by investors who form partnerships or groups to pool investments

expensive purchase price

not a potential advantage of purchasing an existing business

lack of profit motive

not a reason why many new businesses fail.

angel investors

private investors who fund start-up businesses are _________.

assets

property or items of value which a business owns are _________.

cash flow

the movement of money into and out of a business

capital structure

the way a business is financed

small business administration

a source of professional advice for new entrepreneurs

executive summary

a description of a business and why it will be successful is an ___________

trait

a distinguishing characteristic or quality that makes each person unique.

franchise

a license to sell a company's goods or services within a certain territory or location

entrepreneur

a person who starts a new business or purchases an existing business.

self-confidence

a quality of effective leadership

mission statement

a sentence describing the purpose of a business is an _______________

business plan

a written statement of goals and objectives for a business with a strategy to achieve them

profit

Entrepreneurs willingly risk resources to start and run a business in pursuit of ______.

Income statement

Which pro forma financial statement projects revenue and expenses to show whether or not a business is profitable?

basic math functions

a basic skill every entrepreneur should master.

financial projections

a business plan includes ______.

market

all the people and organizations that might purchase a product

any of the above

an entrepreneur can choose to _______. A. Start a new business B. Purchase an existing business C. Buy a franchise D. Any of the above

SBA

an independent agency of the federal government dedicated to helping entrepreneurs start, build, an grow their business